Thursday, 28 March 2013

VOTE YES, in FAVOUR of the Coast Capital Savings member special resolution

Subject: Please share! IMPORTANT! PLEASE VOTE, and VOTE YES, in FAVOUR of the Coast Capital Savings member special resolution. Here is why.

Dear All,

I would like to write to ask that if you are Coast Capital Savings Members, that you - and everyone you know who is a member, PLEASE VOTE, and vote YES: IN FAVOUR of the current Member's Special Resolution ballot currently being circulated and voted on by members of Coast Capital savings. 

This is VERY important, because while CCS's profitability has gone down, the Director Remuneration has gone through the roof: approximately 450% increase in the past five years. Bill Wellburn, Chair of the Board, (who was also on the Provincial Capital Commission for years) has overseen his own salary increase from $33,000 in 2007 to $164,140 in 2011. That's a nearly 450% increase in salary (Four hundred and fifty percent) in four years. Is anyone else out there getting a hundred percent increase in salary per year? Teachers? Nurses? Anyone? This increase happened only AFTER members lost control over Board Remuneration. Is the massive increase in remuneration warranted? Many members have no idea how much board members make, as this is not published in the Annual Report, and may have no idea that the salaries are increasing so substantially.

Predictably, the Directors of Coast Capital are recommending that the credit union members vote against the special resolution, because then they would have to make their remuneration known to the members, and members would have a say. Here is a note from the Coast Capital Compensation watch facebook page:

Directors at Coast Capital DO NOT RECOMMEND our Special Resolution on Director Pay! They want to keep voting themselves their own pay raises without consulting members. This process has resulted in 500% pay increases since 2007. No wonder t...hey oppose our special resolution. Vote YES today to restore member control of Director pay. 
Our directors should NOT get paid more than all the top quartile Credit Unions in Canada (that are the instructions Directors give the "independent" remuneration consultants).
I am writing to request that my fellow members of Coast Capital Savings please vote "YES" to the special resolution, to regain some modicum of member control and transparency.

The wording of the Special Resolution is buried in the flyer, and there is MUCH misleading information there (in my view). The resolution is:
Be it resolved that, the members of Coast Capital Savings Credit Union establish
the remuneration for the Directors of the credit union and that the amount paid
to each Director is published in the Annual Report.
For more information, please see this website:
PLEASE share this information with others, and PLEASE VOTE! VOTE YES for this resolution! It is important that the credit union board be transparent, and that remuneration be reasonable, commensurate with the duties, and in line with other credit unions.
Thank you!

Yours truly,